Vulcan Value Partners

Q3 2018 13F · by C.T. Fitzpatrick, CIO

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $13.7B · prev $12.9B
Positions: 56 · prev 57
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves58 since the prior filing

+12.7 pp in · −12.8 pp out

New 5 +8.24 pp
Added 19 +4.46 pp
Trimmed 28 −8.62 pp
Exited 6 −4.15 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 59% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions29% of US stock

ORCL Oracle Corp trimmed+0.71 pp trimmed+0.719.2%
MCK McKesson Corporation added+1.36 pp added+1.365.3%
KKR KKR & Co. Inc. new+5.06 pp new+5.065.1%
STT State Street Corporation added+1.12 pp added+1.124.7%
NOV NOV Inc. trimmed−2.20 pp trimmed−2.204.6%

Positions56 in this filing · 6 exited


ORCLOracle Corp	9.24%	24,544,389	$1.3B	trimmed−2%	+0.71 pp	2 q
MCKMcKesson Corporation	5.25%	5,418,972	$719M	added+44%	+1.36 pp	2 q
KKRKKR & Co. Inc.	5.06%	25,434,592	$694M	new	+5.06 pp	new
STTState Street Corporation	4.69%	7,672,340	$643M	added+55%	+1.12 pp	2 q
NOVNOV Inc.	4.61%	14,651,654	$631M	trimmed−28%	−2.20 pp	2 q
SWKSSkyworks Solutions Inc	4.58%	6,916,497	$627M	added+5%	−0.34 pp	2 q
QRVOQorvo, Inc.	4.52%	8,049,363	$619M	added+3%	−0.32 pp	2 q
MAMastercard Incorporated	4.33%	2,666,496	$594M	trimmed−7%	−0.01 pp	2 q
PHParker-Hannifin Corporation	4.23%	3,153,408	$580M	trimmed−1%	+0.40 pp	2 q
HLTHilton Worldwide Holdings Inc.	4.04%	6,858,532	$554M	added+40%	+1.03 pp	2 q
VVISA Inc.	3.73%	3,408,152	$512M	trimmed−10%	−0.17 pp	2 q
BNYBank of New York Mellon Corporation	3.49%	9,367,183	$478M	added+19%	+0.21 pp	2 q
CORCencora, Inc.	3.40%	5,055,296	$466M	added+1%	+0.11 pp	2 q
CVSCvs Health Corporation	3.34%	5,811,079	$457M	trimmed−39%	−1.40 pp	2 q
unresolvedAetna Inc New	3.12%	2,106,021	$427M	trimmed−2%	+0.08 pp	2 q
EGEverest Group, Ltd.	3.12%	1,871,731	$428M	added+2%	−0.14 pp	2 q
AXSAxis Capital Holders Limited	3.05%	7,245,959	$418M	trimmed−7%	−0.30 pp	2 q
GOOGAlphabet Inc. Class C	2.92%	335,315	$400M	trimmed−30%	−1.22 pp	2 q
UPSUnited Parcel Service, Inc. Class B	2.49%	2,922,875	$341M	added+1%	+0.11 pp	2 q
AVGOBroadcom Inc.	2.44%	1,357,724	$335M	added+46%	+0.70 pp	2 q
METAMeta Platforms, Inc. Class A	2.09%	1,739,731	$286M	added+27%	+0.04 pp	2 q
NTRSNorthern Trust Corp	1.98%	2,655,627	$271M	added+5%	−0.03 pp	2 q
SPGIS&P Global Inc.	1.64%	1,151,891	$225M	added+1%	−0.16 pp	2 q
TERTeradyne, Inc.	1.52%	5,620,568	$208M	added+33%	+0.28 pp	2 q
BLQADBlackrock Inc	1.49%	433,683	$204M	new	+1.49 pp	new
SNBRQSleep Number Corp	1.14%	4,253,237	$156M	trimmed−15%	+0.02 pp	2 q
91990EURCushman & Wakefield UK Holdc	0.96%	7,720,162	$131M	new	+0.96 pp	new
ACIWACI Worldwide, Inc.	0.91%	4,437,619	$125M	trimmed−21%	−0.17 pp	2 q
JLLJones Lang LaSalle, Inc.	0.76%	724,570	$105M	trimmed−9%	−0.26 pp	2 q
DESPDespegar.com Corp	0.65%	5,310,037	$90M	added×2.0	+0.22 pp	2 q
ITRNIturan Location and Control Ltd.	0.63%	2,528,092	$87M	trimmed−6%	0.00 pp	2 q
COHRCoherent Corp.	0.61%	487,581	$84M	new	+0.61 pp	new
SABRSabre Corporation	0.59%	3,080,611	$80M	trimmed−10%	−0.06 pp	2 q
AYIAcuity Inc.	0.51%	448,599	$71M	trimmed−50%	−0.29 pp	2 q
BIDTribeca Strategic Acquisition Corp. Class A	0.43%	1,205,447	$59M	added+68%	+0.13 pp	2 q
MSMMSC Industrial Direct Co., Inc. Class A	0.40%	625,219	$55M	added+8%	+0.02 pp	2 q
WCCWesco International Inc.	0.38%	845,095	$52M	trimmed−14%	−0.05 pp	2 q
WWDWoodward, Inc.	0.27%	457,486	$37M	trimmed−18%	−0.06 pp	2 q
CSLCarlisle Companies, Inc.	0.24%	270,340	$33M	trimmed−40%	−0.14 pp	2 q
SGISomnigroup International Inc.	0.24%	623,120	$33M	trimmed−54%	−0.26 pp	2 q
CXTCrane NXT, Co.	0.20%	273,692	$27M	trimmed−20%	−0.01 pp	2 q
VRTSVirtus Investment Partners, Inc.	0.18%	213,529	$24M	trimmed−60%	−0.36 pp	2 q
VSMVersum Materials, Inc.	0.17%	647,420	$23M	added+16%	+0.01 pp	2 q
LSTRLandstar System Inc	0.14%	157,672	$19M	added×4.3	+0.11 pp	2 q
CHHChoice Hotels Intnl.	0.12%	202,169	$17M	new	+0.12 pp	new
MLKNMillerKnoll, Inc.	0.04%	143,000	$5M	trimmed−88%	−0.27 pp	2 q
CACCCredit Acceptance Corp	0.03%	9,511	$4M	trimmed−89%	−0.21 pp	2 q
ELVElevance Health, Inc.	0.00%	234	$64,000	trimmed−100%	−1.17 pp	2 q
AZOAutoZone, Inc.	0.00%	147	$114,000	trimmed−1%	0.00 pp	2 q
CBRECbre Group, Inc.	0.00%	165	$7,000	held	—	2 q
CAHCardinal Health, Inc.	0.00%	1,087	$59,000	held	—	2 q
FWRDForward Air Corp	0.00%	2,035	$146,000	trimmed−99%	−0.16 pp	2 q
MCOMoody's Corporation	0.00%	264	$44,000	trimmed−100%	−0.41 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.00%	278	$97,000	held	—	2 q
unresolvedAspen Insurance Holdings Ltd	0.00%	2	$0	trimmed−100%	−0.65 pp	2 q
AXTAAxalta Coating Systems Ltd.	0.00%	55	$2,000	held	—	2 q
unresolvedKkr & Co L P DEL	—	−15,643,574	—	exited	−3.01 pp	—
unresolvedNavigators Group Inc	—	−884,642	—	exited	−0.39 pp	—
TUPTupperware Brands Corporation	—	−991,383	—	exited	−0.32 pp	—
unresolvedOutfront Media Inc	—	−1,231,447	—	exited	−0.19 pp	—
DCIDonaldson Company, Inc.	—	−421,298	—	exited	−0.15 pp	—
ATUEnerpac Tool Group Corp.	—	−381,441	—	exited	−0.09 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0001556785-18-000035
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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